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2/ He argues that Argentina has already assumed the costs of dollarization: "If the government dollarizes, it can no longer inflate or devalue to get out of fiscal trouble. Argentina has pretty much already lost that option anyway."
3/ He goes on to argue that dollarization is distinct from Argentina's convertibility (1992-2002). He notes, "Dollarization means the economy uses dollars, period, and there is no pool of assets sitting there to be grabbed."
4/ In Latin America, #Ecuador replaced its currency with the US dollar in 2000 after a major economic and political crisis. #ElSalvador has been using the dollar since 2001. Cochrane doesn't discuss dollarization's effect on the real economy: esp. industrial employment & exports
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